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Annual Report
August 31, 2023
Avantis® All Equity Markets ETF (AVGE)
Avantis® All Equity Markets Value ETF (AVGV)
Avantis® All International Markets Equity ETF (AVNM)
Avantis® All International Markets Value ETF (AVNV)
Avantis® Moderate Allocation ETF (AVMA)






























Table of Contents

Chairman’s Letter
Avantis All Equity Markets ETF
Performance
Portfolio Commentary
   Fund Characteristics
Avantis All Equity Markets Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis All International Markets Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis All International Markets Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Moderate Allocation ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreements
Liquidity Risk Management Program
Additional Information



Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter

image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image45.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Performance
Avantis All Equity Markets ETF (AVGE)
Total Returns as of August 31, 2023
Since Inception Inception Date
Net Asset Value 24.04% 9/27/2022
Market Price 24.02% 9/27/2022
MSCI ACWI IMI Index 24.29%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 27, 2022
chart-4bf07d42008340e99f4.jpg

Value on August 31, 2023
Net Asset Value — $12,404
MSCI ACWI IMI Index — $12,429
Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All Equity Markets ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

Collectively, the underlying funds seek securities of companies that they expect to have higher returns. They place an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the underlying funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. versus non-U.S. allocations will be predicated on each region’s relative market capitalization with a home bias toward the U.S. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on September 27, 2022, through August 31, 2023, Avantis All Equity Markets ETF returned 24.02%* on a market price basis. On a net asset value (NAV) basis, the fund returned 24.04%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total world stock market, as measured by the MSCI ACWI IMI Index, which returned 24.29% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap stocks in developed and emerging markets.

The fund’s underperformance versus the index was largely due to the fund’s collective underweight versus the index in mega- and large-cap stocks, which generally outperformed their smaller peers.

















*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.
4


Fund Characteristics
AUGUST 31, 2023
Avantis All Equity Markets ETF
Types of Investments in Portfolio % of net assets
Domestic Equity Funds 71.2%
International Equity Funds 28.7%
Short-Term Investments 0.1%
Other Assets and Liabilities
(1)
(1) Category is less than 0.05% of total net assets.

5


Performance
Avantis All Equity Markets Value ETF (AVGV)
Total Returns as of August 31, 2023
Since Inception Inception Date
Net Asset Value 3.89% 6/27/2023
Market Price 4.02% 6/27/2023
MSCI ACWI IMI Value Index 2.19%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.

Total Annual Fund Operating Expenses
0.28%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All Equity Markets Value ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis value ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to select or overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

Collectively, the underlying funds seek securities of companies that they expect to have higher returns. They place an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the underlying funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. versus non-U.S. allocations will be predicated on each region’s relative market capitalization within the total global equity market. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All Equity Markets Value ETF returned 4.02%* on a market price basis. On a net asset value (NAV) basis, the fund returned 3.89%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total world value stock market, as measured by the MSCI ACWI IMI Value Index, which returned 2.19% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in developed and emerging markets.

The fund’s outperformance versus the index was largely due to the fund’s collective overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.















*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.
7


Fund Characteristics
AUGUST 31, 2023
Avantis All Equity Markets Value ETF
Types of Investments in Portfolio % of net assets
Domestic Equity Funds 60.6%
International Equity Funds 39.3%
Short-Term Investments 0.1%
Other Assets and Liabilities
(1)
(1) Category is less than 0.05% of total net assets.

8


Performance
Avantis All International Markets Equity ETF (AVNM)
Total Returns as of August 31, 2023
Since Inception Inception Date
Net Asset Value 1.50% 6/27/2023
Market Price 1.62% 6/27/2023
MSCI ACWI ex USA IMI Index 0.69%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.


Total Annual Fund Operating Expenses
0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All International Markets Equity ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis non-U.S. ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

Collectively, the underlying funds seek securities of companies that they expect to have higher returns. They place an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the underlying funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All International Markets Equity ETF returned 1.62%* on a market price basis. On a net asset value (NAV) basis, the fund returned 1.50%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total international stock market, as measured by the MSCI ACWI ex USA IMI Index, which returned 0.69% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in non-U.S. developed and emerging markets.

The fund’s outperformance versus the index was largely due to the fund’s collective overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.












*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.
10


Fund Characteristics
AUGUST 31, 2023
Avantis All International Markets Equity ETF
Types of Investments in Portfolio % of net assets
International Equity Funds 99.9%
Short-Term Investments 0.1%
Other Assets and Liabilities
(1)
(1) Category is less than 0.05% of total net assets.

11


Performance
Avantis All International Markets Value ETF (AVNV)
Total Returns as of August 31, 2023
Since Inception Inception Date
Net Asset Value 2.26% 6/27/2023
Market Price 2.25% 6/27/2023
MSCI ACWI ex USA IMI Value Index 2.00%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.


Total Annual Fund Operating Expenses
0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis All International Markets Value ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis non-U.S. value ETFs. These underlying funds represent a broadly diversified basket of equity securities and seek to select or overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

Collectively, the underlying funds seek securities of companies that they expect to have higher returns. They place an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics. Conversely, the underlying funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The portfolio managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within asset class target ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis All International Markets Value ETF returned 2.25%* on a market price basis. On a net asset value (NAV) basis, the fund returned 2.26%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total international stock market, as measured by the MSCI ACWI ex USA IMI Value Index, which returned 2.00% for the reporting period. The index is an unmanaged index generally representative of the performance of large-, mid- and small-cap value stocks in non-U.S. developed and emerging markets.

The fund’s outperformance versus the index was largely due to the fund’s collective overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.











*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.
13


Fund Characteristics
AUGUST 31, 2023
Avantis All International Markets Value ETF
Types of Investments in Portfolio % of net assets
International Equity Funds 99.9%
Short-Term Investments 0.1%
Other Assets and Liabilities
(1)
(1) Category is less than 0.05% of total net assets.

14


Performance
Avantis Moderate Allocation ETF (AVMA)
Total Returns as of August 31, 2023
Since Inception Inception Date
Net Asset Value 2.09% 6/27/2023
Market Price 2.13% 6/27/2023
65% MSCI ACWI IMI Index/35% Bloomberg US Aggregate Gov/Credit 1-5 Year Index 1.67%
MSCI ACWI IMI Index 2.26%
Bloomberg US Aggregate Gov/Credit 1-5 Year Index 0.46%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. Fund returns would have been lower if a portion of the fees had not been waived.


Total Annual Fund Operating Expenses
0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Moderate Allocation ETF is a fund of funds that seeks long-term capital appreciation by investing in other Avantis equity and fixed income ETFs. These underlying funds represent a broadly diversified basket of stocks and bonds and seek to overweight securities expected to have higher returns or better risk characteristics than a passive, market-capitalization weighted index.

To identify securities with higher expected returns, the underlying equity funds collectively emphasize securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the underlying equity funds collectively seek to underweight or exclude securities they expect to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. The portfolio managers of the underlying fixed-income funds use factors such as industry sector, credit rating, duration, country and currency to categorize fixed-income securities into component groups. They calculate the expected return of securities in each component group by using information embedded in current yields and other valuation metrics.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers will allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. Among equities, the U.S. versus non-U.S. allocations across geographies depend on each region’s relative market capitalization with a home bias toward the U.S. The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may modestly reallocate within target asset class ranges. This may occur when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets.

Performance Review

For the period from the fund’s inception on June 27, 2023, through August 31, 2023, Avantis Moderate Allocation ETF returned 2.13%* on a market price basis. On a net asset value (NAV) basis, the fund returned 2.09%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad world stock and U.S. bond markets, as measured by the 65% MSCI ACWI Investable Market Index (IMI)/35% Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned 1.67% during the period. The index is an unmanaged index generally representative of the broad performance of developed and emerging markets stocks, including all capitalization categories, and U.S. investment-grade bonds with maturities of one to five years.

The fund’s relative outperformance was largely due to the fund’s collective overweight versus the index in equity securities from companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results.







*Total returns for periods less than one year are not annualized. Fund returns would have been lower if a portion of the fees had not been waived.
16


Fund Characteristics
AUGUST 31, 2023
Avantis Moderate Allocation ETF
Types of Investments in Portfolio % of net assets
Domestic Equity Funds 47.6%
Domestic Fixed Income Funds 33.0%
International Equity Funds 19.3%
Short-Term Investments 0.4%
Other Assets and Liabilities (0.3)%

17


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2023 to August 31, 2023 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
18


Beginning
Account Value
3/1/23
Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Avantis All Equity Markets ETF
Actual $1,000 $1,061.00 $0.16 0.03%
Hypothetical $1,000 $1,025.05 $0.15 0.03%
Avantis All Equity Markets Value ETF
Actual $1,000 $1,038.90
$0.06(2)
0.03%
Hypothetical $1,000 $1,025.05 $0.15 0.03%
Avantis All International Markets Equity ETF
Actual $1,000 $1,015.00
$0.05(2)
0.03%
Hypothetical $1,000 $1,025.05 $0.15 0.03%
Avantis All International Markets Value ETF
Actual $1,000 $1,022.60
$0.05(2)
0.03%
Hypothetical $1,000 $1,025.05 $0.15 0.03%
Avantis Moderate Allocation ETF
Actual $1,000 $1,020.90
$0.05(2)
0.03%
Hypothetical $1,000 $1,025.05 $0.15 0.03%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 66, the number of days in the period from June 27, 2023 (fund inception) through August 31, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
19


Schedules of Investments

AUGUST 31, 2023
Avantis All Equity Markets ETF
Shares Value
UNDERLYING FUNDS(1) — 99.9%


Domestic Equity Funds — 71.2%
Avantis Real Estate ETF 154,326  $ 6,268,722 
Avantis U.S. Equity ETF 1,239,563  95,136,460 
Avantis U.S. Large Cap Value ETF 604,952  33,060,627 
Avantis U.S. Small Cap Equity ETF 232,721  10,879,707 
Avantis U.S. Small Cap Value ETF 138,025  11,206,249 
156,551,765 
International Equity Funds — 28.7%
Avantis Emerging Markets Equity ETF 252,014  13,628,917 
Avantis Emerging Markets Value ETF 205,912  9,058,069 
Avantis International Equity ETF 392,384  22,546,385 
Avantis International Large Cap Value ETF 233,206  11,412,495 
Avantis International Small Cap Equity ETF 43,911  2,147,573 
Avantis International Small Cap Value ETF 71,755  4,246,461 
63,039,900 
TOTAL UNDERLYING FUNDS
(Cost $206,262,181)
219,591,665 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $204,610)
204,610  204,610 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $206,466,791)
219,796,275 
OTHER ASSETS AND LIABILITIES
12,520 
TOTAL NET ASSETS — 100.0% $ 219,808,795 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.



See Notes to Financial Statements.
20


AUGUST 31, 2023
Avantis All Equity Markets Value ETF
Shares Value
UNDERLYING FUNDS(1) — 99.9%


Domestic Equity Funds — 60.6%
Avantis U.S. Large Cap Value ETF 135,136  $ 7,385,183 
Avantis U.S. Small Cap Value ETF 46,438  3,770,301 
11,155,484 
International Equity Funds — 39.3%
Avantis Emerging Markets Value ETF 40,557  1,784,103 
Avantis International Large Cap Value ETF 73,704  3,606,882 
Avantis International Small Cap Value ETF 31,091  1,839,965 
7,230,950 
TOTAL UNDERLYING FUNDS
(Cost $18,306,818)
18,386,434 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $16,149)
16,149  16,149 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $18,322,967)
18,402,583 
OTHER ASSETS AND LIABILITIES
2,628 
TOTAL NET ASSETS — 100.0% $ 18,405,211 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.


See Notes to Financial Statements.
21


AUGUST 31, 2023
Avantis All International Markets Equity ETF
Shares Value
UNDERLYING FUNDS(1) — 99.9%


International Equity Funds — 99.9%
Avantis Emerging Markets Equity ETF 2,105  $ 113,838 
Avantis Emerging Markets Value ETF 1,735  76,323 
Avantis International Equity ETF 4,575  262,879 
Avantis International Large Cap Value ETF 2,705  132,376 
Avantis International Small Cap Value ETF 910  53,854 
TOTAL UNDERLYING FUNDS
(Cost $647,893)
639,270 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $540)
540  540 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $648,433)
639,810 
OTHER ASSETS AND LIABILITIES
(12)
TOTAL NET ASSETS — 100.0% $ 639,798 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.


See Notes to Financial Statements.
22


AUGUST 31, 2023
Avantis All International Markets Value ETF
Shares Value
UNDERLYING FUNDS(1) — 99.9%


International Equity Funds — 99.9%
Avantis Emerging Markets Value ETF 2,592  $ 114,022 
Avantis International Large Cap Value ETF 3,681  180,139 
Avantis International Small Cap Value ETF 1,551  91,788 
TOTAL UNDERLYING FUNDS
(Cost $382,298)
385,949 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $324)
324  324 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $382,622)
386,273 
OTHER ASSETS AND LIABILITIES
(7)
TOTAL NET ASSETS — 100.0% $ 386,266 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.


See Notes to Financial Statements.
23


AUGUST 31, 2023
Avantis Moderate Allocation ETF
Shares Value
UNDERLYING FUNDS(1) — 99.9%


Domestic Equity Funds — 47.6%
Avantis Real Estate ETF 997  $ 40,498 
Avantis U.S. Equity ETF 7,742  594,198 
Avantis U.S. Large Cap Value ETF 3,787  206,960 
Avantis U.S. Small Cap Equity ETF 1,457  68,115 
Avantis U.S. Small Cap Value ETF 846  68,687 
978,458 
Domestic Fixed Income Funds — 33.0%
Avantis Core Fixed Income ETF 11,105  453,195 
Avantis Short-Term Fixed Income ETF 4,935  226,368 
679,563 
International Equity Funds — 19.3%
Avantis Emerging Markets Equity ETF 1,614  87,285 
Avantis Emerging Markets Value ETF 1,342  59,034 
Avantis International Equity ETF 2,560  147,098 
Avantis International Large Cap Value ETF 1,510  73,895 
Avantis International Small Cap Value ETF 488  28,880 
396,192 
TOTAL UNDERLYING FUNDS
(Cost $2,049,433)
2,054,213 
SHORT-TERM INVESTMENTS — 0.4%

Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $8,529)
8,529  8,529 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $2,057,962)
2,062,742 
OTHER ASSETS AND LIABILITIES — (0.3)%

(5,155)
TOTAL NET ASSETS — 100.0%

$ 2,057,587 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.


See Notes to Financial Statements.
24


Statements of Assets and Liabilities
AUGUST 31, 2023
Avantis All Equity Markets ETF Avantis All Equity Markets Value ETF
Assets
Investment securities - affiliates, at value (cost of $206,262,181 and $18,306,818, respectively) $ 219,591,665  $ 18,386,434 
Investment securities - unaffiliated, at value (cost of $204,610 and $16,149, respectively) 204,610  16,149 
Total investment securities, at value (cost of $206,466,791 and $18,322,967, respectively) 219,796,275  18,402,583 
Receivable for capital shares sold 3,971,253  1,710,773 
Interest receivable 879  56 
Securities lending receivable 3,557  — 
223,771,964  20,113,412 
Liabilities
Payable for investments purchased 3,957,929  1,707,829 
Accrued management fees 5,240  372 
3,963,169  1,708,201 
Net Assets $ 219,808,795  $ 18,405,211 
Shares outstanding (unlimited number of shares authorized) 3,605,000  350,000 
Net Asset Value Per Share $ 60.97  $ 52.59 
Net Assets Consist of:
Capital paid in $ 206,551,033  $ 18,325,595 
Distributable earnings (loss) 13,257,762  79,616 
$ 219,808,795  $ 18,405,211 


See Notes to Financial Statements.
25


AUGUST 31, 2023
Avantis All International Markets Equity ETF Avantis All International Markets Value ETF
Assets
Investment securities - affiliates, at value (cost of $647,893 and $382,298, respectively) $ 639,270  $ 385,949 
Investment securities - unaffiliated, at value (cost of $540 and $324, respectively) 540  324 
Total investment securities, at value (cost of $648,433 and $382,622, respectively) 639,810  386,273 
Interest receivable
639,812  386,274 
Liabilities
Accrued management fees 14 
Net Assets $ 639,798  $ 386,266 
Shares outstanding (unlimited number of shares authorized) 12,500  7,500 
Net Asset Value Per Share $ 51.18  $ 51.50 
Net Assets Consist of:
Capital paid in $ 648,421  $ 382,615 
Distributable earnings (loss) (8,623) 3,651 
$ 639,798  $ 386,266 


See Notes to Financial Statements.
26


AUGUST 31, 2023
Avantis Moderate Allocation ETF
Assets
Investment securities - affiliates, at value (cost of $2,049,433) $ 2,054,213 
Investment securities - unaffiliated, at value (cost of $8,529) 8,529 
Total investment securities, at value (cost of $2,057,962) 2,062,742 
Receivable for capital shares sold 128,715 
Interest receivable
2,191,464 
Liabilities
Payable for investments purchased 133,846 
Accrued management fees 31 
133,877 
Net Assets $ 2,057,587 
Shares outstanding (unlimited number of shares authorized) 40,000 
Net Asset Value Per Share $ 51.44 
Net Assets Consist of:
Capital paid in $ 2,051,785 
Distributable earnings (loss) 5,802 
$ 2,057,587 


See Notes to Financial Statements.
27


Statements of Operations
PERIOD ENDED AUGUST 31, 2023
Avantis All
Equity Markets
ETF(1)
Avantis All
Equity Markets
Value ETF(2)
Investment Income (Loss)
Income:
Income distributions from underlying funds $ 2,262,908  $ — 
Securities lending, net 23,553  — 
Interest 5,972  79 
2,292,433  79 
Expenses:
Management fees 57,074  918 
Trustees' fees and expenses —  36 
57,074  954 
Fees waived (22,829) (367)
34,245  587 
Net investment income (loss) 2,258,188  (508)
Realized and Unrealized Gain (Loss)
Sales of investments in underlying funds 455,735  — 
Change in net unrealized appreciation (depreciation) on investments in underlying funds 13,329,484  79,616 
Net realized and unrealized gain (loss) 13,785,219  79,616 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 16,043,407  $ 79,108 
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.

28


PERIOD ENDED AUGUST 31, 2023
Avantis All International Markets Equity ETF(1)
Avantis All International Markets Value ETF(1)
Investment Income (Loss)
Income:
Interest $ $
Expenses:
Management fees 33  25 
Trustees' fees and expenses
35  26 
Fees waived (13) (10)
22  16 
Net investment income (loss) (19) (14)
Realized and Unrealized Gain (Loss)
Sales of investments in underlying funds (3,929) (5,632)
Change in net unrealized appreciation (depreciation) on investments in underlying funds (8,623) 3,651 
Net realized and unrealized gain (loss) (12,552) (1,981)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (12,571) $ (1,995)
(1)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
29


PERIOD ENDED AUGUST 31, 2023
Avantis Moderate
Allocation
ETF(1)
Investment Income (Loss)
Income:
Income distributions from underlying funds $ 1,060 
Interest
1,069 
Expenses:
Management fees 74 
Trustees' fees and expenses
77 
Fees waived (30)
47 
Net investment income (loss) 1,022 
Change in net unrealized appreciation (depreciation) on investments in underlying funds 4,780 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 5,802 
(1)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
30


Statements of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2023
Avantis All Equity Markets ETF(1)
Avantis All Equity Markets Value ETF(2)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 2,258,188  $ (508)
Net realized gain (loss) 455,735  — 
Change in net unrealized appreciation (depreciation) 13,329,484  79,616 
Net increase (decrease) in net assets resulting from operations 16,043,407  79,108 
Distributions to Shareholders
From earnings (2,251,161) — 
Capital Share Transactions
Proceeds from shares sold 212,007,588  18,326,103 
Payments for shares redeemed (5,991,039) — 
Net increase (decrease) in net assets from capital share transactions 206,016,549  18,326,103 
Net increase (decrease) in net assets 219,808,795  18,405,211 
Net Assets
End of period $ 219,808,795  $ 18,405,211 
Transactions in Shares of the Funds
Sold 3,710,000  350,000 
Redeemed (105,000) — 
Net increase (decrease) in shares of the funds 3,605,000  350,000 
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
31


PERIOD ENDED AUGUST 31, 2023
Avantis All International Markets Equity ETF(1)
Avantis All International Markets Value ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ (19) $ (14)
Net realized gain (loss) (3,929) (5,632)
Change in net unrealized appreciation (depreciation) (8,623) 3,651 
Net increase (decrease) in net assets resulting from operations (12,571) (1,995)
Capital Share Transactions
Proceeds from shares sold 901,350  762,542 
Payments for shares redeemed (248,981) (374,281)
Net increase (decrease) in net assets from capital share transactions 652,369  388,261 
Net increase (decrease) in net assets 639,798  386,266 
Net Assets
End of period $ 639,798  $ 386,266 
Transactions in Shares of the Funds
Sold 17,500  15,000 
Redeemed (5,000) (7,500)
Net increase (decrease) in shares of the funds 12,500  7,500 
(1)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.

32


PERIOD ENDED AUGUST 31, 2023
Avantis Moderate Allocation ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 1,022 
Change in net unrealized appreciation (depreciation) 4,780 
Net increase (decrease) in net assets resulting from operations 5,802 
Capital Share Transactions
Proceeds from shares sold 2,051,785 
Net increase (decrease) in net assets 2,057,587 
Net Assets
End of period $ 2,057,587 
Transactions in Shares of the Fund
Sold 40,000 
(1)June 27, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
33


Notes to Financial Statements

AUGUST 31, 2023

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis All Equity Markets ETF, Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF (collectively, the funds) are five funds in a series issued by the trust. The funds each operate as a “fund of funds,” meaning substantially all of the funds' assets will be invested in a combination of Avantis exchange-traded funds (the underlying funds). Avantis All Equity Markets ETF, Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF and Avantis All International Markets Value ETF underlying funds represent a broadly diversified basket of equity securities. Avantis Moderate Allocation ETF underlying funds represent a broadly diversified basket of equity and fixed income securities. The funds will assume the risks associated with the underlying funds. Additional information and attributes of each underlying fund are available at avantisinvestors.com. Each of the funds' investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis All Equity Markets ETF incepted on September 27, 2022. Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF incepted on June 27, 2023.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. 

Open-end management investment companies are valued at the reported NAV. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss). Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
34


Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears. During the period ended August 31, 2023, the investment advisor agreed to waive 0.02% of each fund's management fee. The investment advisor expects this waiver to continue until June 21, 2024 for Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF and July 31, 2024 for Avantis All Equity Markets ETF and cannot terminate it prior to such date without the approval of the Board of Trustees.

The annual management fee and the effective annual management fee after waiver for each fund for the period ended August 31, 2023 are as follows:
Effective Annual Management Fee
Annual Management Fee
After Waiver
Avantis All Equity Markets ETF 0.05% 0.03%
Avantis All Equity Markets Value ETF 0.05% 0.03%
Avantis All International Markets Equity ETF 0.05% 0.03%
Avantis All International Markets Value ETF 0.05% 0.03%
Avantis Moderate Allocation ETF 0.05% 0.03%

Trustees' Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor's management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

35


Acquired Fund Fees and Expenses — Each fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the valuation of the underlying funds.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:
Avantis All Equity Markets ETF(1)
Avantis All Equity Markets Value ETF(2)
Avantis All International Markets Equity ETF(2)
Avantis All International Markets Value ETF(2)
Avantis Moderate Allocation ETF(2)
Purchases $4,091,799 $14,020
Sales $2,189,556
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)June 27, 2023 (fund inception) through August 31, 2023.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2023 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis All Equity Markets ETF(1)
$207,915,725 $4,011,521 $534,484
Avantis All Equity Markets Value ETF(2)
$18,306,818
Avantis All International Markets Equity ETF(2)
$900,530 $248,709 $(3,928)
Avantis All International Markets Value ETF(2)
$761,828 $373,898 $(5,632)
Avantis Moderate Allocation ETF(2)
$2,035,413
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)June 27, 2023 (fund inception) through August 31, 2023.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds' investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels. 

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. 

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

36


The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the funds' investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds' portfolio holdings.

7. Federal Tax Information

The tax character of distributions paid during the period ended August 31, 2023 were as follows:
2023
Distributions Paid From:
Ordinary
Income
Long-term
Capital Gains
Avantis All Equity Markets ETF(1)
$ 2,251,161
Avantis All Equity Markets Value ETF(2)
Avantis All International Markets Equity ETF(2)
Avantis All International Markets Value ETF(2)
Avantis Moderate Allocation ETF(2)
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)June 27, 2023 (fund inception) through August 31, 2023.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions and net operating losses, were as follows:
Avantis All Equity Markets ETF Avantis All Equity Markets Value ETF Avantis All International Markets Equity ETF Avantis All International Markets Value ETF Avantis Moderate Allocation ETF
Capital paid in $ 534,484  $ (508) $ (3,948) $ (5,646) — 
Distributable earnings (loss) $ (534,484) $ 508  $ 3,948  $ 5,646  — 


37


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis All Equity Markets ETF Avantis All Equity Markets Value ETF Avantis All International Markets Equity ETF Avantis All International Markets Value ETF Avantis Moderate Allocation ETF
Federal tax cost of investments $ 206,466,958  $ 18,322,967  $ 648,433  $ 382,622  $ 2,057,962 
Gross tax appreciation of investments $ 13,499,914  $ 107,864  $ 93  $ 3,651  $ 7,383 
Gross tax depreciation of investments (170,597) (28,248) (8,716) —  (2,603)
Net tax appreciation (depreciation) of investments $ 13,329,317  $ 79,616  $ (8,623) $ 3,651  $ 4,780 
Undistributed ordinary income $ 7,027  —  —  —  $ 1,022 
Accumulated short-term capital losses $ (78,582) —  —  —  — 
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales for Avantis All Equity Markets ETF. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis All Equity Markets Value ETF, Avantis All International Markets Equity ETF, Avantis All International Markets Value ETF and Avantis Moderate Allocation ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

8. Investments in Underlying Funds

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets. As of period end, All Equity Markets ETF owned 55% of the shares of
Avantis International Small Cap Equity ETF.

9. Risk Factors

The value of the funds’ shares will go up and down based on the performance of the underlying funds in which they invest. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

38


10. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the period ended August 31, 2023 follows:
Fund/Underlying Fund Beginning
Value
Purchase
Cost
Sales
Cost
Change in Net Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net
Realized
Gain
(Loss)
Distributions
Received(1)
Avantis All Equity Markets ETF (Amounts in thousands)
Avantis Real Estate ETF —  $ 6,495  $ 108  $ (118) $ 6,269  154  $ 11  $ 79 
Avantis U.S. Equity ETF —  90,594  3,133  7,675  95,136  1,240  168  656 
Avantis U.S. Large Cap Value ETF —  31,671  546  1,936  33,061  605  85  303 
Avantis U.S. Small Cap Equity ETF —  10,596  175  459  10,880  233  25  57 
Avantis U.S. Small Cap Value ETF —  10,743  174  637  11,206  138  29  91 
Avantis Emerging Markets Equity ETF —  13,438  353  544  13,629  252  20  188 
Avantis Emerging Markets Value ETF —  8,953  237  342  9,058  206  13  148 
Avantis International Equity ETF —  22,138  678  1,086  22,546  392  56  410 
Avantis International Large Cap Value ETF —  11,012  207  608  11,413  233  37  238 
Avantis International Small Cap Equity ETF —  2,200  —  (52) 2,148  44  —  — 
Avantis International Small Cap Value ETF —  4,168  134  212  4,246  72  12  93 
—  $ 212,008  $ 5,745  $ 13,329  $ 219,592  3,569  $ 456  $ 2,263 
(1)Distributions received includes distributions from net investment income and from capital gains, if any.




Fund/Underlying Fund Beginning
Value
Purchase
Cost
Sales
Cost
Change in Net Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net
Realized
Gain
(Loss)
Distributions
Received(1)
Avantis All Equity Markets Value ETF (Amounts in thousands)
Avantis U.S. Large Cap Value ETF —  $ 7,322  —  $ 63  $ 7,385  135  —  — 
Avantis U.S. Small Cap Value ETF —  3,731  —  39  3,770  46  —  — 
Avantis Emerging Markets Value ETF —  1,798  —  (14) 1,784  41  —  — 
Avantis International Large Cap Value ETF —  3,621  —  (14) 3,607  74  —  — 
Avantis International Small Cap Value ETF —  1,834  —  1,840  31  —  — 
—  $ 18,306  —  $ 80  $ 18,386  327  —  — 
(1)Distributions received includes distributions from net investment income and from capital gains, if any.

Fund/Underlying Fund Beginning
Value
Purchase
Cost
Sales
Cost
Change in Net Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net
Realized
Gain
(Loss)
Distributions
Received(1)
Avantis All International Markets Equity ETF (Amounts in thousands)
Avantis Emerging Markets Equity ETF —  $ 162  $ 45  $ (3) $ 114  $ (1) — 
Avantis Emerging Markets Value ETF —  108  30  (2) 76  —  — 
Avantis International Equity ETF —  370  104  (3) 263  (2) — 
Avantis International Large Cap Value ETF —  185  52  (1) 132  (1) — 
Avantis International Small Cap Value ETF —  75  21  —  54  —  — 
—  $ 900  $ 252  $ (9) $ 639  13  $ (4) — 
(1)Distributions received includes distributions from net investment income and from capital gains, if any.



Fund/Underlying Fund Beginning
Value
Purchase
Cost
Sales
Cost
Change in Net Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net
Realized
Gain
(Loss)
Distributions
Received(1)
Avantis All International Markets Value ETF (Amounts in thousands)
Avantis Emerging Markets Value ETF —  $ 227  $ 113  —  $ 114  $ (2) — 
Avantis International Large Cap Value ETF —  355  177  $ 180  (3) — 
Avantis International Small Cap Value ETF —  179  89  92  (1) — 
—  $ 761  $ 379  $ $ 386  $ (6) — 
(1)Distributions received includes distributions from net investment income and from capital gains, if any.

Fund/Underlying Fund Beginning
Value
Purchase
Cost
Sales
Cost
Change in Net Unrealized
Appreciation
(Depreciation)
Ending
Value
Ending
Shares
Net
Realized
Gain
(Loss)
Distributions
Received(1)
Avantis Moderate Allocation ETF (Amounts in thousands)
Avantis Real Estate ETF —  $ 40  —  —  $ 40  —  — 
Avantis U.S. Equity ETF —  589  —  $ 594  —  — 
Avantis U.S. Large Cap Value ETF —  205  —  207  —  — 
Avantis U.S. Small Cap Equity ETF —  68  —  —  68  —  — 
Avantis U.S. Small Cap Value ETF —  68  —  69  —  — 
Avantis Core Fixed Income ETF —  453  —  —  453  11  —  $
Avantis Short-Term Fixed Income ETF —  228  —  (1) 227  —  — 
Avantis Emerging Markets Equity ETF —  88  —  (1) 87  —  — 
Avantis Emerging Markets Value ETF —  59  —  —  59  —  — 
Avantis International Equity ETF —  148  —  (1) 147  —  — 
Avantis International Large Cap Value ETF —  74  —  —  74  —  — 
Avantis International Small Cap Value ETF —  29  —  —  29  —  —  — 
—  $ 2,049  —  $ $ 2,054  39  —  $
(1)Distributions received includes distributions from net investment income and from capital gains, if any.



Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Distributions
From
Net
Investment
Income
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses(3)
Operating
Expenses
(before
expense
waiver)(3)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate(4)
Net
Assets,
End of
Period
(in
thousands)
Avantis All Equity Markets ETF
2023(5)
$50.01 1.07 10.88 11.95 (0.99) $60.97 24.04%
0.03%(6)
0.05%(6)
1.98%(6)
1.96%(6)
2% $219,809 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.
(4)Excludes securities received or delivered in kind.
(5)September 27, 2022 (fund inception) through August 31, 2023.
(6)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses(3)
Operating
Expenses
(before
expense
waiver)(3)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate(4)
Net
Assets,
End of
Period
(in
thousands)
Avantis All Equity Markets Value ETF
2023(5)
$50.62
(6)
1.97 1.97 $52.59 3.89%
0.03%(7)
0.05%(7)
(0.03)%(7)
(0.05)%(7)
0% $18,405 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.
(4)Excludes securities received or delivered in kind.
(5)June 27, 2023 (fund inception) through August 31, 2023.
(6)Per-share amount was less than $0.005.
(7)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses(3)
Operating
Expenses
(before
expense
waiver)(3)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate(4)
Net
Assets,
End of
Period
(in
thousands)
Avantis All International Markets Equity ETF
2023(5)
$50.43
(6)
0.75 0.75 $51.18 1.50%
0.03%(7)
0.05%(7)
(0.03)%(7)
(0.05)%(7)
0% $640

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.
(4)Excludes securities received or delivered in kind.
(5)June 27, 2023 (fund inception) through August 31, 2023.
(6)Per-share amount was less than $0.005.
(7)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
Net
Realized
and
Unrealized
Gain (Loss)
Total From
Investment
Operations
Net Asset
Value,
End
of Period
Total
Return(2)
Operating
Expenses(3)
Operating
Expenses
(before
expense
waiver)(3)
Net
Investment
Income
(Loss)
Net
Investment
Income
(Loss)
(before
expense
waiver)
Portfolio
Turnover
Rate(4)
Net
Assets,
End of
Period
(in
thousands)
Avantis All International Markets Value ETF
2023(5)
$50.37
(6)
1.13 1.13 $51.50 2.26%
0.03%(7)
0.05%(7)
(0.03)%(7)
(0.05)%(7)